Foreign institutional investors in China permitted to sign GMRA to conduct interbank bond repo transactions from 30 January 2026

26 February 2026

China’s National Interbank Funding Center announced on 30 January 2026 that the International Capital Association (“ICMA”) has recently completed the filing of the Global Master Repurchase Agreement (“GMRA”) with the People’s Bank of China (“PBoC”), in accordance with Announcement No. 21 of 2025 issued by PBoC, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange on further supporting overseas institutional investors to conduct bond repurchase business in China’s bond market. 

Effective immediately, PBoC has now recognised the use of the GMRA for bond repo transactions involving bonds in the China Interbank Bond Market, following ICMA’s filing of the GMRA with the PBoC. Overseas institutional investors may now sign GMRAs to conduct bond repurchase business in the interbank bond market. 

What is the GMRA? 

The GMRA is the most widely used market standard master agreement for repo transactions, published and maintained by ICMA, which provides a framework of standard terms and conditions to govern repos between two contracting parties. Having this framework in place means that, whenever a new repo is transacted, the parties do not need to agree all its terms and conditions again. The GMRA clarifies the rights and obligations of the contracting parties, particularly in the event of a default.